Gold Stocks Under Pressure

08/17/2009 3:05 pm EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

The Gold Miners ETF (GDX) gapped lower on the opening Monday, creating a second bearish island formation, and the short-term uptrend was broken last week. Next good support is in the $35-$35.40 area, with the slightly rising 200-day MA now at $34. There is strong resistance in the $39-$40 area.

  By clicking submit, you agree to our privacy policy & terms of service.

Related Articles on ETFS

Keyword Image
Safe Money's Defensive Moves
12/05/2018 5:00 am EST

This stock market is flailing around like a fish out of water, with whipsaws increasing every week, ...